Ah, good old Europe... Austerity, Reforms, Structural Changes, Improved Competitiveness, Return to Growth... and rising, rising, rising debt.
Per latest Eurostat release (see here), euro area Government debt/GDP levels have hit 92.9% of GDP in 1Q 2015, up on 92.0% in 4Q 2014 and up on 91.9% of GDP in 1Q 2014. Year on year, Government debt rose from EUR9.179 trillion to EUR9.433 trillion.
Of the five most indebted (fiscally_ economies (excluding Ireland, which did not report 1Q 2015 GDP figures):
- Debt fell in the case of Greece by 8.3 percentage points between 4Q 2014 and 1Q 2015 to 168.8% of GDP;
- Debt rose in the case of Italy by 3 percentage points to 135.1% of GDP;
- Debt fell 0.6 percentage points in Portugal to 129.6% of GDP;
- Debt rose 4.5 percentage points in Belgium to 111.0% of GDP;
- Debt fell 0.7 percentage points in Cyprus to 106.8% of GDP.
Italian debt is now at the highest level since the peak of Inter-war period in the 1920s:
Congratulations to the inhabitants of the Planet Debt...